240,445 Shares in Energy Transfer LP (NYSE:ET) Bought by Empirical Finance LLC

Key Points

• Empirical Finance LLC acquired 240,445 shares of Energy Transfer LP, valued at approximately $4.47 million, marking a significant new position in the company.
• Energy Transfer announced a quarterly dividend of $0.33 per share, reflecting a 7.45% yield and a dividend payout ratio of 99.24%.
• The company's stock recently had a price-to-earnings ratio of 13.43 and reported earnings of $0.36 per share for the last quarter, exceeding analyst estimates.

Empirical Finance LLC bought a new position in Energy Transfer LP (NYSE:ET - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 240,445 shares of the pipeline company's stock, valued at approximately $4,470,000.

Several other hedge funds also recently bought and sold shares of the company. HB Wealth Management LLC boosted its holdings in Energy Transfer by 21.8% in the 1st quarter. HB Wealth Management LLC now owns 185,760 shares of the pipeline company's stock worth $3,453,000 after buying an additional 33,231 shares during the period. First Heartland Consultants Inc. boosted its holdings in Energy Transfer by 17.5% in the 1st quarter. First Heartland Consultants Inc. now owns 13,535 shares of the pipeline company's stock worth $252,000 after buying an additional 2,013 shares during the period. Caliber Wealth Management LLC KS bought a new position in Energy Transfer in the 1st quarter worth $196,000. Assetmark Inc. boosted its holdings in Energy Transfer by 32.6% in the 1st quarter. Assetmark Inc. now owns 11,615 shares of the pipeline company's stock worth $216,000 after buying an additional 2,855 shares during the period. Finally, Navellier & Associates Inc. bought a new position in Energy Transfer in the 1st quarter worth $349,000. Institutional investors own 38.22% of the company's stock.

Energy Transfer Stock Up 0.0%

Shares of NYSE:ET opened at $17.73 on Friday. The company has a current ratio of 1.12, a quick ratio of 0.92 and a debt-to-equity ratio of 1.41. Energy Transfer LP has a 12 month low of $14.60 and a 12 month high of $21.45. The company has a 50-day moving average price of $17.79 and a 200 day moving average price of $18.29. The company has a market cap of $60.83 billion, a price-to-earnings ratio of 13.43, a PEG ratio of 0.92 and a beta of 0.79.

Energy Transfer (NYSE:ET - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The pipeline company reported $0.36 EPS for the quarter, beating analysts' consensus estimates of $0.33 by $0.03. Energy Transfer had a net margin of 5.88% and a return on equity of 11.47%. The firm had revenue of $21.02 billion during the quarter, compared to the consensus estimate of $22.28 billion. During the same quarter last year, the firm earned $0.32 EPS. The firm's revenue for the quarter was down 2.8% compared to the same quarter last year. As a group, equities research analysts predict that Energy Transfer LP will post 1.46 earnings per share for the current year.

Energy Transfer Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 19th. Investors of record on Friday, August 8th will be given a $0.33 dividend. This is a positive change from Energy Transfer's previous quarterly dividend of $0.33. This represents a $1.32 dividend on an annualized basis and a yield of 7.45%. The ex-dividend date is Friday, August 8th. Energy Transfer's dividend payout ratio is 99.24%.

Insiders Place Their Bets

In related news, Director James Richard Perry sold 1,369 shares of the stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $18.48, for a total value of $25,299.12. Following the sale, the director directly owned 24,523 shares of the company's stock, valued at $453,185.04. This represents a 5.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 3.28% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on ET. Cowen began coverage on shares of Energy Transfer in a report on Monday, July 7th. They issued a "buy" rating for the company. Mizuho boosted their price target on shares of Energy Transfer from $22.00 to $23.00 and gave the stock an "outperform" rating in a research note on Tuesday, May 20th. JPMorgan Chase & Co. decreased their price target on shares of Energy Transfer from $25.00 to $23.00 and set an "overweight" rating on the stock in a research note on Monday, May 19th. TD Cowen started coverage on shares of Energy Transfer in a research note on Monday, July 7th. They issued a "buy" rating and a $22.00 price target on the stock. Finally, Wells Fargo & Company decreased their price target on shares of Energy Transfer from $22.00 to $21.00 and set an "overweight" rating on the stock in a research note on Wednesday, May 7th. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, Energy Transfer presently has a consensus rating of "Moderate Buy" and an average target price of $22.58.

About Energy Transfer

Energy Transfer LP provides energy-related services. The company owns and operates natural gas transportation pipeline, and natural gas storage facilities in Texas and Oklahoma; and approximately 20,090 miles of interstate natural gas pipeline. It also sells natural gas to electric utilities, independent power plants, local distribution and other marketing companies, and industrial end-users.

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